India’s largest private bank ICICI Bank has introduced a fully-digital service to enable its customers to open a Public Provident Fund (PPF) online.
It’s a quick and completely paperless service that doesn’t require existing customers to submit any documents physically. They will be verified online while opening the PPF account, eliminating the need for paper documents.
With this new facility, customers of the bank are no longer required to visit a branch and submit physical documents to open a PPF account. They can now conveniently open a PPF account anytime, anywhere using the bank’s digital channels of Internet and mobile banking.”
ICICI Bank stated that it has worked closely with the Finance Ministry for offering the “completely online preposition” to its customers for opening a PPF account.
It is the first bank in India to introduce such a fully digital and paperless procedure for PPF accounts.
However, banks, including State Bank of India and ICICI, have been offering PPF facilities apart from post offices.
ICICI Bank’s online PPF facility will be available on all days – 24×7. Customers only need to log in to the bank’s Internet banking portal or mobile banking to avail the service and apply for the PPF account.